The Central Bank of Nigeria (CBN) has dismissed reports claiming it allocated $1.259 billion for the importation of refined petroleum products in the first quarter of the year, describing the claims as misleading and inaccurate.
In a statement issued on Tuesday, the apex bank clarified that the referenced amount, as captured in its Q1 2025 Sectoral Utilisation of Foreign Exchange report, did not represent funds disbursed by the CBN.
According to the bank, the figure represents foreign exchange transactions conducted by market participantsunder the willing buyer, willing seller framework of the Nigerian Foreign Exchange Market (NFEM), and not allocations made by the CBN.
CBN spokesperson, Hakama Sidi Ali, explained that since the unification of the foreign exchange market in 2023, the system has been operating as a market-driven platform, where authorised dealers and end-users source forex independently, without direct intervention from the apex bank.
“The NFEM operates as a market-driven system where foreign exchange is sourced and supplied by participants, not allocated by the CBN. The Bank has not sold foreign exchange specifically for the importation of refined petroleum or any other products,” she stated.
She added that the data only reflects aggregated legitimate forex utilisation in compliance with regulatory guidelines — not evidence of direct funding from the CBN.
The apex bank reaffirmed its commitment to maintaining a transparent, market-based foreign exchange regime that enhances price discovery, supports economic stability, and strengthens confidence in Nigeria’s financial system.
